What is PERPETUAL INVENTORY METHOD (PIM)?

A system of controlling the inventory in which the total stock can be checked at any point in time by just obtaining the stock records. In this method, a certain number of items are calculated on a daily basis, so that by the cutoff date, all of the stock has been counted at least once. Similarly, all stocks are recorded upon inventory cards to provide a continuous balance of the quantity present, as well as its value.

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